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ACME-CLEVELAND ESTIMATES POSTRETIREMENT HEALTH CARE OBLIGATION AT $38 MILLION - $44 MILLION

 ACME-CLEVELAND ESTIMATES POSTRETIREMENT HEALTH CARE
 OBLIGATION AT $38 MILLION - $44 MILLION
 CLEVELAND, Aug. 11 /PRNewswire/ -- Acme Cleveland Corporation (NYSE: AMT) today announced that its transition obligation under Statement of Financial Accounting Standards (SFAS) No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions" has been estimated by independent actuaries to be between $38 million and $44 million. The estimate reflects recent changes made to health care plans that reduced the obligation by approximately $15 million. The corporation's transition obligation is the actuarial present value of postretirement health care benefits attributed to employee service in excess of accrued costs. The corporation is required to adopt SFAS No. 106 not later than the first quarter of fiscal 1994 which begins Oct. 1, 1993.
 SFAS No. 106, as set forth by the Financial Accounting Standards Board, specifies that the cost of providing postretirement benefits other than pensions be accrued as employees render service rather than when benefits are paid. Companies can elect to either i) recognize the transition obligation immediately as a cumulative effect adjustment or ii) amortize the obligation over future years.
 David L. Swift, president and CEO, stated, "The corporation presently intends to adopt the cumulative adjustment option effective with the fiscal year beginning Oct. 1, 1993. Because of that election and recent changes made to health care plans, the corporation's annual expense for postretirement health care benefits is not expected to increase going forward. Further, the adoption of SFAS No. 106 will have no cash flow impact for the corporation."
 Acme-Cleveland Corporation manufactures and sells telecommunications products, sensor devices and controls, cutting tools, multiple spindle machine tools, quality assurance products and systems and related parts and services.
 -0- 8/11/92
 /CONTACT: Francis R. Appeldorn, vice president-finance of Acme- Cleveland Corporation, 216-432-5406/
 (AMT) CO: Acme-Cleveland Corporation ST: Ohio IN: MAC SU:


KK -- CL008 -- 9024 08/11/92 14:01 EDT
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Date:Aug 11, 1992
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